|The three main issues that came out of the situation analysis were the false truth of Daily Naturals’ patent, the threat of competitors with economies of scale, and Daily Naturals lack of marketing efforts.
The reason why the patent is an issue is due to the fact that Daily Naturals see this as one of their competitive advantage. As Daily Naturals is a small company their patent works more as a “false truth” than an advantage. This has led to Daily Naturals not emphasising the importance of communicating its value proposition and product attributes as much as they should.
Secondly, Daily Naturals needs to have in mind that if they enter the growth stage, there will be more competitors and therefore more competition. Without economies of scale it can be difficult for Daily Naturals to survive. With other words, the company lacks market presence in the Australian market to be able to compete with big competitors.
Lastly, there has not been done any marketing efforts by Daily Naturals. This has led to little or no recognition and awareness of Daily Naturals. For a product to be sold it is essential to invest in marketing activities.
Furthermore, these three issues set the basis for identifying three marketing objectives with underlying strategies. The marketing objectives are: product positioning, distribution improvement and promotion strategy.
The strategies are justified with thorough market research and theory. These strategies are also illustrated in an implementation timetable. The recommended strategies are:
• Product positioning through change of bottle design and brand partnerships
• Distribution improvement by selling Daily Naturals through Pharmacies, Boutiques and Online store
• Promotion strategy with utilizing Google Adverts, Google Shopping and digital advertising campaigns on social media